Macy’s to cut 7,000 jobs, or 4 percent of work force

“Macy’s (NYSE:M) said it would eliminate about 7,000 positions from its workforce in offices, stores and other facilities. This total includes about 1,200 positions being added to new My Macy’s districts and regions.

In addition, merit salary increases for executives considered in spring 2009 for performance in 2008 are being eliminated across the company.”

“The latest job cuts, representing about 4 percent of its work force, will affect 40 percent of its executive positions, plus some 5,100 jobs in its roughly 850 stores. Further, the department store chain plans to cut raises and executive perks.”

Update 1 (02-02-2009): No stores are expected to close. The company is reducing 401(k) plan contributions in 2009